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Supervision release 17 December 2018 – 54/2018

Reporting on risks and controls concerning anti-money laundering and countering the financing of terrorism – data to be submitted by 31 March 2019

In accordance with the Act on Preventing Money Laundering and Terrorist Financing (444/2017) (AML Act), the Financial Supervisory Authority (the FIN-FSA) shall prepare a supervisor-specific assessment of the risks of money laundering and terrorist financing among the obliged entities supervised by it. In preparing the risk assessment, the FIN-FSA shall have regard to the risks of money laundering and terrorist financing relating to entities under its supervision and to their customers, products and services.
 
The FIN-FSA collects data on risks and controls from entities supervised by it for the first time through the Jakelu distribution service. Reporting application will be published in the Jakelu distribution service to map the risks of money laundering and the financing of terrorism related to agents in the financial industry and to their customers, products and services.

Who does the reporting concern?

The data collection concerns the following groups of supervised entities:

  • Credit institutions
  • Authorised payment institutions and registered payment service providers
  • Investment firms, Fund management companies (UCITS) and Alternative Investment Fund Managers (AIFM)
  • Life insurance companies

Each group has its specific workbook, and the survey is to be responded to individually for each supervised entity. The questions collect data for example on customer groups, services offered, payment traffic as well as related risks and risk management measures. Instructions on completing the workbook will be provided in the Jakelu distribution service.

The reporting application and Excel workbooks will be published on 18 December 2018, and the response period ends on 31 March 2019
 
The reporting application and Excel workbooks will be published in the Jakelu distribution service on 18 December 2018. The publication data will be communicated to supervised entities in a reporting release. Instructions on how to subscribe for the reporting release are available in the section "Links". The reference data of data collected on the survey templates is 31 December 2018. The response period ends on 31 March 2019.
 
The data collected are used in preparing the supervisor-specific risk assessment and in risk-based supervision. There will be no separate individual feedback on the responses given.
 
A reporting obligation concerning the assessment of risks related to money laundering and financing of terrorism will be imposed on supervised entities in the FIN-FSA's set of regulations and guidelines. The first data collection will take place by virtue of the right to obtain information under chapter 7, section 2, subsection 1 of the AML Act.

For further information, please contact

  • Viivi Jantunen, Risk Expert, tel. +358 9 183 5008, email viivi.jantunen(at)fiva.fi
  • Technical issues relating to data collection: VIRATIhelpdesk(at)fiva.fi

Further information on the FIN-FSA website